Zillow estimated value is $767K and will sit on 2.9 acresLot 2, 3, & 4:  Comprise of 2 acres each.All lots will include water, cable, electricity and ocean views.My dilemma is whether or not to build a spec home on the vacant lots and sell them for a higher end value?  

You need to be licensed for stuff like roofing, plumbing, electric, etc.

Always include even if self managing) plus 1% for turnovers.5% Credit Losses (Uncollected Rent and Skips)5 - 10% Maintenance/Repair (depends on Age and Condition of property)5% Taxes and Insurance (Varies)5% Utilities paid by owner (Electric, Gas, Water, Sewer, Garbage)5% Landscape Maintenance/Snow Removal 5% Misc (HOA fees, Pest Control, Legal, Accounting, Advertising, etc.)5 - 15% CapEx.  

Tenants pay electric and gas. 

Roof was done in 2008, HVAC in 2013, Electric water heater in 2014.

For example, in this specific comp list I came up with, the backyard butts up to an electric utility field.  

Some electrical $3k,  Gutters  $3k.  

What does R-30 insulation have to do with electric? 

Until you talk to them, it's just pie in the sky and you are likely wasting energy.

They seem to think it's too hard/time consuming for me but I'm younger and have way more energy and time to dedicate to this.